Bitcoin Dips Below $103K Triggering $120M in Long Liquidations
•Cryptocurrency News
Market Impact
Bitcoin's recent dip below $103,000 resulted in significant market turbulence, leading to the liquidation of over $120 million in long positions. This downturn has caused a ripple effect across the crypto market, with major exchanges like Binance and Bybit witnessing a wave of forced closures.
Key Takeaways
- Bitcoin's price drop below $103,000 triggered the liquidation of more than $120 million in long positions.
- Major exchanges, including Binance and Bybit, reported substantial closures of leveraged long positions.
The cascading effect of these liquidations intensified the market's downward trajectory, with a marked increase in volatility. Real-time data from exchanges highlighted the predominance of long position closures during this price correction.
These liquidations are a consequence of exchanges forcibly closing positions that were betting on price increases, as market conditions turned volatile.